Former No. 1 pick Anthony Bennett has cleared waivers and is expected to sign early next week with the Toronto Raptors, a source close to the situation told ESPN Insider Jeff Goodman.

Sources tell ESPN.com's Marc Stein that all 30 teams were notified at 5 p.m. ET that Bennett had cleared waivers. The Philadelphia 76ers and Portland Trail Blazers were the only teams with sufficient salary-cap space to claim him, though the Cleveland Cavaliers had a trade exception big enough to absorb Bennett's $5.8 million salary.

Bennett instead walked away from the Minnesota Timberwolves with a $3.65 million buyout and is expected to sign with the Raptors for $947,276.